Taking equity out of a multi-family?

[Mike Pachulski]

I own a triplex in a developing neighborhood that has been my second home and office on and off for years. It is a nice old Victorian that was converted to a triplex years ago. Legal apartments, but shared utilities so I have always paid them. I do not profit much, but this is because I have always had at least one vacancy while staying there. The appraised value is $55K, but this is many years old and keeps the taxes low (under $2K/yr including school district). Market value is easily $85K-100K as-is. The property does not qualify for any type of mortgage or traditional residential loans as it is not my primary residence. I realistically only need to take out about $35-50K. Short of selling or finding some sketchy loan place that will take a deed as collateral, what are my options? My credit score is also very good in the 750 range, but this has not seemed to help much in the past when I applied for a COR.

Full disclosure: as I am still technically a student pursuing my graduate degree and working as a consultant on the side, my primary residence is still my parents' house. I was able to purchase my triplex in cash as I started working at 15 and did fairly well with the mutual funds my grandparents helped me invest in. My family has been extremely supportive and I greatly appreciate everything they have done for me, but I am married now and borrowing from them is not an option. My only debt is a $4500 balance on a personal loan that I will pay off when I collect the remaining amount owed on the single-family rental property I sold last year. My only other property is a neglected, vacant property next door to my triplex that I purchased from the city for $3K with the intention of fixing. The building is condemned and the land is worth maybe $5K.

I know this a lot of information and kind of a vague question, but I am in a very unusual spot and Covid has complicated an already difficult situation. My intention has always been to use residential investing as a foothold into commercial. Ideally I would have had a bit more time to make the transition, but I have an opportunity now that I can't pass up and a new family that comes first.